Legacy Safeguard

[DonP]

Throw your insults Greg. You live in a dream world .Bottom line SL rates are inferior overall and every agent on here will agree.

 

[theinsuranceman]

But I would only need to make that three way call one time. Then I would know the answer. [/B]

Really, in your heart, I think you know the answer. It's right there in the verbiage. It's not guaranteed. That doesn't mean it's not a value to the client, or that you shouldn't sell it. But in my opinion, it should be presented in a way that makes it clear that it's not part of the policy, but a separate item.
At one time insurance commissioners frowned upon "bundling", especially when a non-insurance item was bundled with insurance. I think it's because agents would imply that you couldn't get one without the other (which is a point @rousemark has raised before about Legacy Assurance). But it also leads to the other problem of the consumer perception that the membership is part of the policy, therefore subject to the same guarantees.

Of course it may be different if certain policies are only available to members of an association, like the NYL policy for AARP members, or the DI policy I obtained when I was a NAIFA member (but still get to keep even though no longer a member). But I haven't gotten the impression that Legacy Assurance is a required membership like that.

In any case, I don't have an issue with selling it as long as the client has the clear understanding that it's a separate membership program.

 

[theinsuranceman]

To be perfectly clear: Legacy Assurance and Sr Life Ins. Co. are 2 separate. distinct, and completely different entities with different Tax ID #'s. Agents are trained to make sure Ms. Jones knows they are 2 separate things.

We even explain to Ms. Jones there will be 2 separate drafts showing on her bank statement. One draft for Sr Life and a separate draft for her Legacy Assurance membership fee. She will get her policy # which is different from her Legacy Assurance membership #. They even have 2 separate web sites, if that even matters, with neither site mentioning the other.

And Legacy Assurance membership is only for Sr Life policy holders, just like you described above with NYL and AARP. And yes a person could drop their Sr Life policy down the road and still keep their Legacy Assurance membership by only paying their monthly membership just like the DI policy you obtained when you were a NAIFA member (but still get to keep even though no longer a member) as you also described above.

Hope that makes it clear. By the way today is the 4th of the month and is a critical collection day for the debit agents.

 

[theinsuranceman]

Not the same Greg.... Costco, Sam's, etc. are not telling people that the items they sell are "locked in" for years to come.... That implies the product is "guaranteed" to be there when the client needs it. If I sell a renewable at the option of the company health plan, I explain the renewability provisions to the client. Does SL train their agents to do the same with Legacy Assurance?

Rouse, it's the price that is locked in.

 

[theinsuranceman]

Way to duck the question. That's a very "FLIMSY" guarantee. If an agent runs into a SL policy, all they have to do is point out that worthless guarantee. Legacy Assurance can cease at any time.

I can't stand bananas.

Banana herb maybe? lol

 

[theinsuranceman]

Throw your insults Greg. You live in a dream world .Bottom line SL rates are inferior overall and every agent on here will agree.

And you're still a broke old man who will soon be sending back FE DM cards, telling the visiting agent how you used to sell insurance, but became broke because the leads were no good and the market was too saturated.

There are a lot of agents writing for LH, which has some of the highest rates around, and their production and commissions crush yours. Rates don't determine an agents success. I think it's safe to say that high rates are not hurting LH's growth and dominance of the FE market.

And if SL's rates are inferior, which they're not, why do you care. Don't you remember that math example in another thread where I show that even you had a carrier who was $40 a month cheaper that I can still provide more savings on funeral expenses? Heck, maybe I should start replacing policies with these kinds of savings....lol

 

[theinsuranceman]

Boys I've enjoyed the verbal work out. Now it's time for a real work out at the gym.

 

[theinsuranceman]

Throw your insults Greg. You live in a dream world .Bottom line SL rates are inferior overall and every agent on here will agree.

By the way, were you able to scrape up that $1000 so you, me, and the forum can see who is telling the truth and winning the cash? I tell you what, I'll put up $1000 and you can put up just $500. Can you borrow $500 from someone? Maybe your upline Todd can help you? Ya'll could even split the bet in half......lol.

 

[shonceman]

To be perfectly clear: Legacy Assurance and Sr Life Ins. Co. are 2 separate. distinct, and completely different entities with different Tax ID #'s. Agents are trained to make sure Ms. Jones knows they are 2 separate things.

We even explain to Ms. Jones there will be 2 separate drafts showing on her bank statement. One draft for Sr Life and a separate draft for her Legacy Assurance membership fee. She will get her policy # which is different from her Legacy Assurance membership #. They even have 2 separate web sites, if that even matters, with neither site mentioning the other.

And Legacy Assurance membership is only for Sr Life policy holders, just like you described above with NYL and AARP. And yes a person could drop their Sr Life policy down the road and still keep their Legacy Assurance membership by only paying their monthly membership just like the DI policy you obtained when you were a NAIFA member (but still get to keep even though no longer a member) as you also described above.

Hope that makes it clear. By the way today is the 4th of the month and is a critical collection day for the debit agents.

Thanks for the explanation. But you've lost a day! Today is the 5th! So, I was running like a wild man yesterday, but today is a lot more relaxed. I still have a few collections today, but they're mostly from people I can trust to hold onto their money until their regularly scheduled weekday. (I have my agency routed to work in particular areas on each day of the week. Mr. Powell will tell you that's how we were trained back at Independent Life!)

 

[theinsuranceman]

Thanks for the explanation. But you've lost a day! Today is the 5th! So, I was running like a wild man yesterday, but today is a lot more relaxed. I still have a few collections today, but they're mostly from people I can trust to hold onto their money until their regularly scheduled weekday. (I have my agency routed to work in particular areas on each day of the week. Mr. Powell will tell you that's how we were trained back at Independent Life!)

That's how I was trained with United Ins. Co. in 96, 97, and 98. That was my 1st experience in the life/FE industry. Great foundation. You ought to start training some of your better payors to mail in their premium, then go by and collect if necessary. Would free up some time to canvass.